Loan Repayment

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You are required to pay back loans borrowed over the course of your studies at Rutgers. As a student loan borrower, you have certain rights and obligations when it comes to repaying your student loans.

Maintaining a good credit history is important. Timely repayment of your student loan obligations builds a good credit record. If you have a problem repaying your student loan, contact your lender before your payment due date. The benefits of excellent credit can have an extraordinary impact on your financial future.

Federal Perkins Loan Program

This loan is a fixed 5 percent interest rate loan for undergraduate and graduate students who demonstrate financial need. Rutgers University is the lender, the loan is made with government funds with a share contributed by the university.

  • The assigned third party billing servicer for your Perkins loan is ECSI, they manage billing and repayment options. You would need your Heartland Key, which can be found on the disclosure statement from ECSI or contact them, in order to register and access your account.
  • Loan repayment begins nine months after you graduate, leave school, or drop below half-time status, this is known as the grace period.
  • At the end of the grace period, you begin repayment and are allowed up to 10 years to repay the loan in full.
  • The monthly repayment amount is based on the size of the borrower’s debt and the length of the repayment period.
  • Under certain circumstances you can receive a deferment, forbearance or cancellation on the Federal Perkins Loan. You can find these forms at the Borrower Forms page on the ECSI website.

Federal Direct Loans

These loans, both subsidized and unsubsidized, are for undergraduate, graduate, and professional degree students, enrolled at least half time, who meet the general requirements to receive federal aid.

Loan repayment begins six months after you leave school or cease to be enrolled at least on a half-time basis. This six-month period is known as the grace period. Payments on your federal student loans are made to your lender or servicer. If you are unsure of who your lender is, you can access the National Student Loan Data System (NSLDS).

  • Subsidized Loans : While you are enrolled in school, no payments are due and no interest accrues (unless you are repaying a previous loan and are enrolled less than full time). The federal government pays the interest for you during this time.
  • Unsubsidized Loans : Although the grace period is the same as the subsidized, you are responsible for the interest on the loan during the grace period. Repayment on the Federal Direct PLUS Loan begins shortly after the loan is fully disbursed.

The federal government offers various loan repayment options, make sure to complete your exit counseling in order be educated on your options or use the repayment estimator.

New Jersey College Loans to Assist State Students

NJCLASS offers a low-cost supplemental loan available to New Jersey residents attending any college or students attending a New Jersey college. NJCLASS can help you pay college costs not already covered by other sources of loans, scholarships, or grants. 

Loan Consolidation

Students who borrow multiple Federal Direct Student Loans and have borrowed a Federal Perkins Loan in the past can have their loans consolidated so that they will be making only one payment. Loan consolidation will be made at the request of the student when entering repayment. The Student Loan Office, 848-445-2535, will provide more information to you regarding this option as you approach graduation.

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